I’m going to be giving you a double bonus which means not only will I be giving you your tip of the week I’m also going to be briefly discussing my real estate investment strategy now I’m not saying my strategy is the only one out there that works but I do know that mine works and I know that it worked well how do I know because with my strategy I was able to purchase over 450 homes and acquire over 35 million dollars worth of real estate assets now you might remember in a previous video I told you that I only started out with $36,000 so naturally I got bombarded with questions of well if you only had thirty six thousand dollars how were you able to purchase four hundred and fifty homes well right now I’m going to answer that question and the answer to it is wait for it
I used the bank’s money and let me tell you how here’s how the bank works let’s say you have a rental property that’s worth $100,000 and the bank is doing a 70% LTV that means you can walk into the bank and ask to do a cash out refinance they will lend you 70 percent which is 70 percent LTV of your appraised value so if that home is appraising out of the hundred thousand dollars you’re going to be able to pull $70,000 cash out of that property when me and Nick we’re buying properties up in southwest Philly we were getting 75% LTV and the properties were worth 75 thousand dollars appraisal we would look for deals where we can get them down here at fifteen thousand dollars then we would put ten thousand of our money into it to rehab the property and bring it back to brand-new now the properties would be appraising at seventy five thousand dollars but we only have twenty five thousand dollars of our own money into the property I walk into that bank take a seventy five percent cash out loan LTV and that loan would equate to $56,000 I only had twenty five thousand dollars of my own money into it but now
I’m pulling out fifty six thousand dollars I would take that fifty six thousand dollars and go out and buy two more properties so this property here and this property here I will go back into the bank and borrow fifty six thousand on this property and fifty six thousand dollars on this property then that would buy four more then eight and that’s how the whole thing snowball and continue to grow and grow that’s how I built my Empire and that is certainly how you can build your empire in my books I tell you exactly how I did it – at eight right now I’m just giving you a brief rundown but I’m sure you get the point so get my books and learn how to do all the financing that you need.
Paint Rollers what to use and why – Save Money
Okay now for your tip of the week one thing I still do what my properties is paint if we just buy the property I paint it if the tenant moves out of the property I paint it I’m not going to pay somebody money to do something that I can do in fact it’s something that I enjoy doing I actually enjoy painting I turn the radio on and within four hours I get lost in the wall and that feels like I was painting for two minutes and four hours blows by I kind of find it really relaxing okay the only reason I find it relaxing because I’m using the right tools!
Back in the day I used to get highly upset and agitated when I was painting why I’m going to show you this was the only handle that they had available back in the day and it’s a piece of crap all right I want to show you why here’s your sleeve now you would take it and push it over your handle some people call them a frame or handle whatever let me get this on here for you now once this goes over the frame the whole time your sleeve would be separating from the frame and pulling away so the whole time you’re painting you’re playing this game you’re pushing it back in you’re pushing it back in it comes away you’re pushing it back in now sometimes paint would build up inside of here inside of the sleeve so when the sleeve would pull away from the handle paint would spill out it would go all over the drop cover or you get a big run down your wall the whole time it was a battle these things are made in Taiwan they cost three dollars I can’t believe painters still use them because they’re efficient junk okay now what I’ve been using for the past eight years or ten years however long they’ve been out is this handle right here it’s called a Worcestershire lock and you see this little clip right here this little clip on the end well this clip makes all the difference in the world and I’m going to show you why you take your sleeve now listen while I press this in to hear it that thing locks and now this sleeve isn’t going anywhere there’s no more playing games no more pushing it in no more pushing it against the wall to lock the roller back in no we’re getting pain on your hands when you’re trying to push the sleeve back in these things are sold in Home Depot they’re american-made they only cost six dollars which is twice as much as that piece of junk but to me this handle is worth $60 I would pay $60 rather and use that piece of crap.
Well that is your time-saving tip for the week tune in next week and I’ll have something interesting to talk about and I’m sure whenever I talk about will save you time and/or money so hope you enjoyed this tip Thanks for Visiting SECTION 8 BIBLE